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Bull Cycle Extends

USDCAD TECHS
  • RES 4: 1.3977 High Oct 13 ‘22 and a key M/T resistance
  • RES 3: 1.3899 High Nov 1 and a key resistance
  • RES 2: 1.3855 High Nov 10 2023
  • RES 1: 1.3814 Intraday high
  • PRICE: 1.3797 @ 08:18 BST Apr 16
  • SUP 1: 1.3682 Low Apr 12
  • SUP 2: 1.3613 20-day EMA
  • SUP 3: 1.3558 50-day EMA
  • SUP 4: 1.3478 Low Apr 4

USDCAD bulls remain in the driver’s seat and last week’s break higher confirmed a resumption of the current uptrend and this week’s positive start reinforces current conditions. The pair has cleared resistance and congestion at 1.3614, the Mar 19, 22, 25 and 29 high. Sights are in 1.3855 next, the Nov 10 ‘23 high. Note that MA studies are in a bull-mode position, highlighting a clear rising trend. Initial firm support lies at 1.3613, the 20-day EMA.

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